Palmetto Place

Description:

Palmetto Place is a newly constructed 34-unit apartment complex located near Ocean Springs Middle and High Schools. The property has just reached 91% occupancy. Once stabilized at 96% occupancy, the NOI is projected to be $329,132. The asking price of $5,400,000 represents an in place Cap Rate of 5.34%. At the market rate of 96% occupancy the Cap Rate is projected to be 6.1%. The Internal Rate of Return is projected to be over 11% on a five year hold. Being situated at the end of the Ocean Springs Airport runway significantly adds to the cool factor, especially for aviation enthusiasts. The Ocean Springs Airport is a private air strip with not commercial activity. It serves the needs of Jackson County's private pilots. For added convenience, Palmetto Village is located across the street from the Ocean Springs Middle School, and just down the street from the new High School. The site features two convenient on-site laundry facilities, ample parking, and easy access to a variety of restaurants, shopping, grocery stores, and schools. The old cliché "location, location, location" absolutely applies to Palmetto Place Apartments.


Palmetto Place is located across the street from the Ocean Springs Middle School and 1 mile from Ocean Springs High School. The property is just minutes from key retail centers and restaurants. Ocean Springs is experiencing steady growth, with a population increase of around 4.11% since 2020, now nearing 19,200. The area is projected to continue growing at an annual rate of 0.99%. Ocean Springs stands out for its appeal to families and professionals alike, with a median household income of $72,500. Additionally, local job growth is projected at 24.7% over the next decade.


Palmetto Place is a newly completed apartment complex located in Ocean Springs, MS. The development features 34 (2BR 2BA) units. The property offers ample parking with parking lot lighting, and is just minutes from the Gulf Coast’s recreational spots. The property has just achieved lease up. There is significant upside potential to now begin charging a utility reimbursement and monetizing the 2 laundry facilities.